MONEY & BANKING


IANS 05 January 2019
The Enforcement Directorate (ED) on Friday said it has sent a request for attachment of a factory premises in Thailand worth Rs 13 crore owned by Abbeycrest Ltd, a company of Mehul Choksi's Gitanjali Group, in connection with its ongoing investigation into the Rs 13,500-crore PNB fraud...

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Moneylife Digital Team 04 January 2019
Newspapers tend to give wide publicity to celebrities who lose money to cyber fraud. But there is a problem when the media projects financially illiterate celebrities as innocent victims, when they do not have the savvy to exercise basic caution before parting with information to scam...

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The data released by Reserve Bank of India (RBI) in its latest financial stability report of December 2018 (FSR 18) on the bulging volume of bank frauds is a matter of serious concern. It underscores the need for introspection on the part of the government of India (GoI), RBI and bank...

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Moneylife Digital Team 03 January 2019
There is a significant increase in number of bank frauds, especially with the involvement of persons from within. Few days ago, Moneylife reported in the case of Dr Ajay Sood, a non-resident Indian (NRI), from whose account Rs1.33 crore were withdrawn using the same numbered cheques when the...

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IANS 03 January 2019
Lending major Bank of Baroda (BoB) on Wednesday finalised the equity share exchange ratio for amalgamation of Dena Bank and Vijaya Bank, subject to statutory regulatory approval.   According to a BSE filing, BoB will swap its 402 equity shares of Rs 2 each for every 1,000 equity...

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Moneylife Digital Team 02 January 2019
The union cabinet on Wednesday approved merger of Bank of Baroda, Vijaya Bank and Dena Bank. Both Vijaya Bank and Dena Bank would be merged with Bank of Baroda. The merged entity would emerge as India's second largest public sector bank (PSB). This is the first even three-way consolidation of...

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IANS 02 January 2019
In a measure of relief for the troubled micro and small industries segment, the RBI on Tuesday permitted a one-time restructuring of existing loans that are in default but "standard" as on January 1, 2019, without an asset classification downgrade.   Support for micro, small and...

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People seem shocked at the disclosure that only the public sector banks (PSBs) had collected Rs10,000 crore as penalty from customers for not maintaining a minimum balance in their savings account and for cash withdrawals beyond three times. This data would not have come into public domain...

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Moneylife Digital Team 27 December 2018
In landmark judgments, banks have been held as responsible for failed transactions and lack of cash in ATMs, a consumer court, has ruled.   With increased use of automatic teller machine (ATMs), many cases are being reported about non-availability of cash and failed transaction in the...

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IANS 26 December 2018
All banking operations were paralysed in the country's financial capital on Wednesday, following a strike by various banking employees and officers unions, officials said here.   Bank staffers responded enthusiastically to the nationwide strike call for various demands issued by the...

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Moneylife Digital Team 25 December 2018
State Bank of India (SBI), the country's largest lender, has decided to discontinue Aadhaar-based payment system (AEPS) and had informed its decision to the UIDAI, reveals a reply received under Right to Information (RTI) Act.   The reply received by Srinivas Kodali, an...

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Moneylife Digital Team 24 December 2018
While there is a lot of hue and cry over loan-waiver schemes being announced for farmers, just 95 borrowers, excluding individuals and state-run units, have a whopping Rs5.57 lakh crore gross non-performing assets (NPAs).   Finance minister Arun Jaitley, in a written reply in the Lok...

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Moneylife Digital Team 24 December 2018
Senior bank officers have warned that there are a number of cases coming to light every day where bank customers are being duped when they share their Aadhaar number linked to their bank account. Fraudsters are also using unified payments interface (UPI) to siphon money from customers'...

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Moneylife Digital Team 22 December 2018
Public sector banks (PSBs) have collected more than Rs10,000 crore over the past three years from customers as penalty for not maintaining minimum balance in saving bank account and as charges for additional transactions on automated teller machines (ATMs) beyond the permitted free...

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Moneylife Digital Team 21 December 2018
Assembly elections are scheduled in eight states next year. Considering the competitive populism policy followed across some states, more and more states may now decide to go for a farm debt waiver scheme. However, research shows that loan waiver never become a solution to farmer distress,...

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IANS 20 December 2018
Finance Minister Arun Jaitley on Thursday said he expected a few public sector banks (PSB) to exit the Reserve Bank of India's prompt corrective action (PCA) framework regime after a fresh infusion of capital in them.   According to Jaitley, an additional amount of Rs 41,000 crore...

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IANS 20 December 2018
With the failure of conciliation talks, about 10 lakh bankers in private and government banks will go on strike on 26th December protesting against the merger of Bank of Baroda, Dena Bank and Vijaya Bank, the All India Bank Employees Association (AIBEA) said on Thursday.   "During the...

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Moneylife Digital Team 19 December 2018
Dr Ajay Sood, a non-resident Indian (NRI) based in the US has been given the run-around for over four months by Bank of India (BOI) after he found that Rs1.33 crore had suddenly vanished from his account. Today, the Indian Express reports that the police in Chandigarh had arrested two people...

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IANS 17 December 2018
The Engineering Export Promotion Council of India (EEPC) on Monday said reports that the RBI was contemplating to forward cases of non-realisation of export proceeds to the ED, have created panic among exporters who submitted their records about remittance receipts to their...

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Moneylife Digital Team 17 December 2018
The Bombay High Court on Monday refused to grant a stay on the deadline given by Reserve Bank of India (RBI) to Kotak Mahindra Bank for dilution of promoter stake. The RBI had given a deadline of 31 December 2018 for diluting the promoter's stake in Kotak Mahindra Bank. With the High Court’s...

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